Expect record level of production, sales numbers in FY22: NALCO
Sridhar Patra, Chairman and Managing Director of National Aluminium Company (NALCO), said that according to Company Law, once a buyback has been made, there cannot be another buyback within a year. "So, I do not visualise any further buyback within this fiscal," he added.
Sridhar Patra, Chairman and Managing Director of National Aluminium Company (NALCO), on Thursday, said that the production and sales numbers in FY22 will be at record levels.
The company reported earnings for the September-ended quarter with a strong performance by the aluminium business and backed up by the alumina business.
“The profitability that we saw after the H1 (first half of the year), we are confident that in the second half we will be beating all the records of this decade on the production front, financial performance and on all aspects,” Patra said in an interview to CNBC-TV18.
According to him, aluminium prices in H2FY22 will sustain at around $2,200-2,300. “I am confident that aluminium price, in the second half, will prevail at around $2,200-2,300 per tonne,” said Patra.
“However, alumina prices will prevail at more than $350 per tonne, on average, for the second half,” he said.
On buyback, Patra said, “As per Company Law, once a buyback has been made, within a year there is no possibility of a buyback. The Government of India shareholding is 51.28 percent. So, I do not visualise any further buyback within this fiscal."
For the entire management interview, watch the video
(Edited by : Thomas Abraham)
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